SwanCap holds final close for Swan IV

Harriet Matthews
02 September 2020

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SwanCap Partners has announced the final close of SwanCap Private Equity Co-Investment Opportunities Fund IV (Swan IV) on €303m, surpassing its target of €250m.

Swan IV was first announced in July 2018 and held a first close in March 2019 on €97m.

The Luxembourg-domiciled vehicle had initially expected to hold a final close in March 2020, as reported, but experienced a delay due to the coronavirus pandemic.

P+P Pöllath + Partners and Arendt & Medernach provided legal advice for the fundraise, while Aztec Group is providing fund services, and SVP administration assistance.

SwanCap CEO Florian Kreitmeier told Unquote that the GP is now launching its next fund, Swan V. Unlike Swan IV, the fund will not focus exclusively on co-investments, Kreitmeier said: "Swan V will follow a co-mingled strategy combining primaries, secondaries and selected co-investments." It will make investments in Europe and North America, focusing on mid-market buyouts. The fund expects to hold a first close in Q3 2020.

SwanCap has so far made 90 co-investments with aggregate equity commitments of €1bn, according to a statement from the GP.

Investors
Kreitmeier told Unquote that 80% of the fund's LP base is made up of institutional investors, including pension funds, asset managers and sovereign wealth funds. Several single-family offices have also committed to the vehicle. Of the investor base, 80% are from western Europe, Kreitmeier said, with more than a third from Germany alone.

LPs in the fund's predecessor vehicle included Ardian, AlpInvest and Unicredit, according to Unquote Data.

Investments
The fund makes investments with a €10-20m sweet spot and will have a 50:50 portfolio split between North American and European funds, focusing exclusively on co-investments. The fund has a three-year investment period and has so far made 11 investments, having made 10 investments by the end of 2019. The vehicle aims to make 25 investments in total. It is currently 35% deployed, Kreitmeier told Unquote.

People
SwanCap Partners – Florian Kreitmeier (CEO).